What’s Ahead For Mortgage Rates This Week – October 3, 2016

Last week’s economic releases included reports on new and pending home sales, S&P Case-Shiller Home Price Indices and regularly scheduled weekly reporting on mortgage rates and weekly jobless claims. Readings on consumer sentiment and confidence were also released.

New and Pending Home Sales Lower as Peak Sales Season Winds Down

August readings for new and pending home sales were lower than for July; analysts said that slim supplies of available homes and rising home prices contributed to slower home sales. Peak home sales typically occur during spring and summer. Homebuyers with school-aged children prefer to be settled into a new home when school starts in August and September.

According to the Commerce Department, new home sales achieved their second highest reading since the Great Recession. Although lower than July’s reading, August sales of new homes reached 609,000 on a seasonally-adjusted annual basis. Analysts expected a reading of 600,000 new home sales based on July’s reading of 659.000 new homes sold. August’s reading was 20.60 percent higher year-over-year. High demand for homes appears to be kicking home builders into higher gear as they strive to ease slim inventories of available homes.

The impact of short inventories of available homes was reflected in August’s reading for pending home sales. Home sales awaiting closing fell in August from July’s reading of +1.20 percent in July to 2.40 percent in August. The National Association of Realtors® said that home sales are declining due to very limited inventories of available homes. Rapidly rising home prices and strict mortgage qualification requirements also contributed to slipping sales. After home buyers sign a purchase contract, they are at the mercy of changing mortgage rates their ability to qualify for a mortgage. Pending home sales supply an indication of future closings and mortgage loans.

According to the S&P Case-Shiller 20-City Home Price Index for July, home price growth dipped from June’s seasonally adjusted annual rate of 5.10 percent to 5.00 percent. Slim inventories of homes for sale and high demand were again cited as primary reasons for slower home price growth. While demand is high, slim supplies of available homes can cause would-be buyers to postpone their home search until more homes are on the market.

Mortgage Rates Fall, New Jobless Claims Rise

Mortgage rates fell across the board last week according to Freddie Mac’s weekly survey of rates. The average rate for a 30-year fixed rate mortgage fell six basis points to 3.42 percent; the average rate for a 15-year fixed rate mortgage was four basis points lower at 2.72 percent. 5/1 adjustable rate mortgages had an average rate of 1.81 percent, which was one basis point lower than the previous week’s reading Discount points were also lower and averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

New jobless claims rose last week to 254,000 claims, but new claims were lower than the expected reading of 259,000 new claims which was based on the prior week’s reading of 251,000 new jobless claims. New jobless claims have stayed below 270,000 new claims for three months for the first time since 1973.

In prepared testimony before the Financial Services Committee, Federal Reserve Chair Janet Yellen discussed problems facing two major banks and said the Fed’s goal was managing its regulatory stance to support financial stability.

September’s Consumer Confidence Index reading rose to 104.1, which exceeded analysts’ estimated reading of 99.3 and August’s reading of 101.1.

What’s Next

Next week’s scheduled economic reports include readings on construction spending and several labor-related releases including ADP Payrolls, Non-Farm Payrolls and the National Unemployment Rates. Weekly reports on mortgage rates and new jobless claims are set for release as usual.

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3731 E Mitchell Drive Phoenix, AZ 85018

$565,000

3 Beds

2.5 Baths

1,635 SqFt

Status Active

MLS # 6768183

Property Type Townhouse

Price Type --

AMAZING OPPORTUNITY TO OWN THIS 3BD 2.5BA COMPLETELY REMODELED TOWN HOME IN THE HEART OF ARCADIA LITE! Private, gated community. All tile throughout on the main floor; great room, dining room & large kitchen w/pantry Stainless steel appliances & powder bathroom downstairs. Wood-like, laminate flooring up the stairs & throughout the 2ndfloor. Large primary suite w/private balcony, full primary bath w/separate tub. shower & walk-in closet. Two more bedrooms upstairs each w/walk-in closets & Jack-n-Jill bathroom set up. Ceiling fans in great room & all bedrooms. Laundry room conveniently located on the 2nd floor-washer and dryer included! Two-car attached garage, large rear private patio. Located at the end of the Culdesac street. YOU HAVE TO SEE TO THIS ONE TO BELIEVE IT! & PRICED TO SELL!

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9829 E Talon Avenue Mesa, AZ 85212

$565,000

4 Beds

3 Baths

1,968 SqFt

Status Active

MLS # 6772594

Property Type Single Family Residence

Price Type --

Welcome to 9829 E Talon Ave, a wonderfully designed 4-bedroom, 3-bathroom home, PLUS a den, nestled within the beautiful community of Cadence. This inviting residence features an open-concept layout, perfect for entertaining. New carpets were installed in March! Enjoy the modern kitchen with sleek appliances and ample counter space, while the spacious living area leads to a private backyard oasis, ideal for relaxing or hosting gatherings. The primary suite offers a tranquil retreat with an en-suite bathroom. Conveniently located near parks, shopping, and top-rated schools, this home is a must-see. Don't miss your chance to own this gem in Mesa!

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8374 W Palo Verde Avenue Peoria, AZ 85345

$565,000

5 Beds

4 Baths

3,704 SqFt

Status Active

MLS # 6776559

Property Type Single Family Residence

Price Type --

Enormous opportunity for this BIG home in a gated neighborhood. 5 bedrooms, 3.5 bathrooms with the master conveniently located on the main floor. Beautifully updated master bathroom with separate tub and shower, private toilet room and large master closet. First floor has newer luxury vinyl flooring. Breakfast island in the kitchen plus dining area. Adjacent family room allows for maximum entertainment options with an exit to the large covered patio. Upstairs, you'll find a large loft area, 4 bedrooms ( some with walk in closets), 2 full baths and storage closets. Updates include: windows, tankless heater, appliances. Over sized triple garage can accommodate a full size SUV.

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31020 N 42nd Way Cave Creek, AZ 85331

$565,000

3 Beds

2 Baths

1,857 SqFt

Status Active Under Contract

MLS # 6732311

Property Type Single Family Residence

Price Type --

Great opportunity to live in Tatum Ranch at the right price! Barely lived in home has been lovingly maintained over the years, just bring your remodeling ideas! Open and inviting floorplan with elevated entrance. Separate formal living room perfect for his or her space, media room, or kids area. Open great room with kitchen island and large family room area complete with built-ins. Split floorplan with two bedrooms, bathroom, and laundry room separate from master bedroom with large bathroom and walk-in closet. Enter your backyard complete with sparkling pool and water feature, mature landscaping, and automatic watering system. Pool resurfaced 2024 and new variable speed pump installed 2023. Two car garage with extra shelving for storage. Tatum Ranch is a perfect community for those looking to live a little outside the hustle and bustle of Phoenix, but still enjoy plenty of close amenities such as restaurants, shopping, golf courses, and hiking. Desert living at its finest!

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12947 W Fossil Drive Peoria, AZ 85383

$565,000

2 Beds

2 Baths

1,798 SqFt

Status Active Under Contract

MLS # 6737283

Property Type Single Family Residence

Price Type --

$20,000 PRICE REDUCTION on this PRISTINE & PERFECT SIDUS Model home. Tile Flooring Throughout, No Carpet. Kitchen Boasts UPGRADED STAGGERED CABINETS, CROWN MOLDING, ROLL OUT SHELVES, UNDER CABINET LIGHTING, STAINLESS APPLIANCES & ENGINEERED STONE COUNTER TOPS, with TILE BACKSPLASH. Large Smart Room with an ABUNDANCE OF CABINETS for EXTRA STORAGE, W/D, 2 Desk Work Areas & LARGE PANTRY. Open Living area features WALL OF GLASS SLIDER that opens to Tiled & Paver Private Patio with a Raised Planter Bed for your Herb Garden or Flowers, & NEW Synthetic Grass. MURPHY BED in Den. Master BR w Bay window for Seating. Step into Master Bath w TILE SHOWER & DUAL VANITIES. This Lightly Lived Home Features Everything You Need, including Mature Landscaping for added PRIVACY & Extended Garage & MORE!

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6208 W Grandview Road Glendale, AZ 85306

$565,000

4 Beds

2.5 Baths

2,330 SqFt

Status Active Under Contract

MLS # 6755708

Property Type Single Family Residence

Price Type --

Bring the family and the pets! Beautiful 4 bed, 2.5 bath, 2-car home in Glendale's Brandywyne community! Park like backyard with refinished pool, RV gate, fire pit and sitting areas. Bright and open with large bay windows front and back and tile flooring throughout! Kitchen features granite counter tops, stainless appliances and a walk in pantry. Large living areas with high ceilings, classic brick fireplace and access to covered patio and landscaped backyard with your own private pool with removable fencing! Primary bedroom located upstairs is complete with large tub, dual vanity, and walk-in closet! New A/C, upgraded electrical panel and upgraded insulation. recent hot water heater and energy efficient solar panels with a very affordable lease... Yes... You can afford to crank that AC!

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16472 W Shangri La Road Surprise, AZ 85388

$565,000

3 Beds

2 Baths

2,348 SqFt

Status Active Under Contract

MLS # 6765097

Property Type Single Family Residence

Price Type --

This stunning 3-bedroom, 2-bathroom home is perfectly situated near shopping and entertainment centers, making it an ideal primary residence or investment property. With a den and great room, this home offers a spacious floor plan for your comfort. Currently operating as an Airbnb, the furniture is available by separate bill of sale. The split primary bedroom features a full ensuite bathroom, while the interior is filled with natural light from large Dual Pane Low-E windows. The kitchen boasts a walk-in pantry, granite countertops, a breakfast bar, and plenty of cabinet space. Step through the sliding glass door to a covered patio that overlooks a beautifully landscaped backyard with a heated pool and an above-ground heated spa - perfect for year-round relaxation!

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927 W Horseshoe Avenue Gilbert, AZ 85233

$565,000

4 Beds

3 Baths

2,104 SqFt

Status Active

MLS # 6781236

Property Type Single Family Residence

Price Type --

Nice Tri-Level home in desirable location. New flooring, fresh paint. Large kitchen with plenty of storage and beautiful bay windows. Cozy fireplace in family room. Large back yard that features a refreshing pool.

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6202 E Mckellips Road Unit 42 Mesa, AZ 85215

$565,000

2 Beds

2 Baths

1,587 SqFt

Status Active

MLS # 6762857

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the gorgeous, gated community of Tuscany Villas! This beautiful detached home comes **FURNISHED** and offers a prime location right on the **golf course,** perfect for enjoying peaceful mornings or sunset views. Whether you're looking for a full-time residence, a personal vacation getaway, or a lock-and-leave option, this property delivers versatility and luxury. Inside, you'll find an open kitchen, granite countertops and high-quality furnishings throughout. Recent updates include a new HVAC system and water heater. Please see documents tab regarding items that do not convey as well as HOA information.

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4550 E Corral Road Phoenix, AZ 85044

$565,000

3 Beds

2 Baths

1,796 SqFt

Status Active

MLS # 6742076

Property Type Single Family Residence

Price Type --

Why drive to your next hike? Live nestled among the 16,000 acres of South Mountain Park (trailhead access around corner). Homes seldom come to market in this neighborhood, especially a single story, Great Room concept one. Enjoy engineered hardwood floors through out most of the house & brand new carpet in the secondary bedrooms. Dual pane windows make summer a whole lot easier to handle. Once we cool off, the two-way wood burning fireplace gives your nest an ambience you never knew you ''needed.'' Outside, the front courtyard is the perfect party patio. Use the Tuff Shed for extra storage or hobbies. With electiricity & a loft the possbilties are endless! There's no HOA. Parking an RV or boat on your concrete slab space is A-ok here. A nest perfect for those who love the great outdoors!

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16085 W Alameda Road Surprise, AZ 85387

$565,000

3 Beds

2.5 Baths

2,019 SqFt

Status Active

MLS # 6772867

Property Type Single Family Residence

Price Type --

The seller is offering a 3% concession. This beautiful, move-in-ready home features a gourmet kitchen with upgraded cabinetry, a stylish backsplash, stainless steel appliances, granite countertops, and a walk-in pantry. The spacious great room opens to a backyard that is ready for you to create your ideal outdoor oasis. Bedrooms #2 and #3 share a guest bathroom and are separated from the primary bedroom for added privacy. Enjoy shutters and ceiling fans throughout, and soft water system. The community provides exceptional amenities, including an aquatic center, pickleball, sand volleyball, bocce ball, playgrounds, trails, zip lines, and frisbee golf! Special financing incentives are available on this property through SIRVA Mortgage.

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17514 N Horseshoe Drive Surprise, AZ 85374

Open House

$565,000

2 Beds

2 Baths

2,298 SqFt

Status Active

MLS # 6747590

Property Type Single Family Residence

Price Type --

ONE OF THE MOST LUXURIOUS HOMES IN THE PRESTIGIOUS 'PINNACLE' AREA OF THE GRAND * SOLAR LEASE HAS BEEN PREPAID TILL 2032 SO NO MONTHLY EXPENSE. (SAVE 1,000S ) YOU WILL NOT WANT TO MISS THIS ONE !!! EXCEPTIONAL UPGRADES GALORE*FAUX STONE FRONT*STUNNING 18 INCH PORCELAIN TILE*MAGNIFICENT GRANITE COUNTER TOPS & BACKSPLASH * EXQUISITE CUSTOM DESIGNED CHERRY WOOD KITCH CABS, LIBRARY, DEN, MEDIA CENTER * SURROND SOUND* SMOOTH TOP RANGE * 2 OVENS-CONVEN&CONVEC * * GORGEOUS PVT BCKYD W/HUGE PATIO-W/BI BBQ,& SPECTACULAR WTRFALL*3 CAR GAR WITH SERVICE DOOR AND UTILITY SINK*LOW E WINDOWS* ALL APPLIANCES INCLUDED. BEDROOMS HAVE NEW CARPET. PERFECT HOME FOR ENTERTAINING. ACROSS FROM GOLF COURSE AND WATER VIEW. The Grand is a 45+ master planned golf course community Sun City Grand, an active adult community in Surprise, Arizona, offers a variety of amenities including: Four 18-hole golf courses Two fitness centers Two resort-style pools Two outdoor lap pools One indoor pool Tennis courts Pickleball courts Bocce ball courts

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